A Business at a Glance
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INDEPENDENT BANK CORP
INDB
$3.9B
Mkt Cap
$85.12
+0.41%
INDEPENDENT BANK CORP (INDB) has a current P/E ratio of 19.2, compared to its historical median P/E of 15.3. The stock is currently considered Expensive based on its historical valuation range.
INDEPENDENT BANK CORP (INDB) has a 5-year average return on invested capital (ROIC) of 6.7%. This is below average and may indicate limited pricing power.
INDEPENDENT BANK CORP (INDB) has a market capitalization of $4.1B. It is classified as a mid-cap stock.
Yes, INDEPENDENT BANK CORP (INDB) pays a dividend with a trailing twelve-month yield of 2.63%. The company also returns capital through share buybacks, with a buyback yield of 3.00%.
Based on historical P/E analysis, INDEPENDENT BANK CORP (INDB) appears expensive. The current P/E of 19.2 is 25% above its historical median of 15.3. The estimated fair value CAGR (P/E method) is 2.8%.
INDEPENDENT BANK CORP (INDB) operates in the State Commercial Banks industry, within the Financials sector.
INDEPENDENT BANK CORP (INDB) reported annual revenue of $1.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company headquartered in Rockland, Massachusetts that was incorporated under Massachusetts law in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland Trust” or the “Bank”), a Massachusetts trust company chartered in 1907. The Bank provides a wide range of banking, investment and financial services, operating with over 150 retail branches, as well as a network of commercial and residential lending centers, and investment management offices primarily in Eastern Massachusetts, as well as in Worcester County, southern New Hampshire, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. At December 31, 2025, the Company had total assets of $24.9 billion, total deposits of $20.1 billion, and stockholders’ equity of $3.6 billion. On July 1, 2025, the Company completed the acquisition of Enterprise Bancorp, Inc.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Investment Advisory, Management and Administrative Service | $32M | $33M | $35M | $38M | $45M | 43% |
Deposit Account | $17M | $23M | $23M | $26M | $32M | 30% |
Credit Card, Merchant Discount | $9M | $11M | $12M | $13M | $14M | 13% |
Investment Advisory, Retail Investment and Insurance Service | $4M | $4M | $6M | $4M | $5M | 5% |
ATM Charge | $3M | $4M | $4M | $5M | $5M | 4% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 932M | 1.2B | 981M | 920M | 758M | 521M |
| Net Income | 241M | 205M | 192M | 240M | 264M | 121M |
| EPS | $5.06 | $4.44 | $4.52 | $5.42 | $5.69 | $3.47 |
| Free Cash Flow | 339M | 239M | 209M | 261M | 399M | 165M |
| ROIC | 6.8% | 5.9% | 6.3% | 8.0% | 8.6% | 4.8% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.22 | 0.23 | 0.23 | 0.42 | 0.04 | 0.05 |
| Dividends/Share | $2.24 | $2.36 | $2.28 | $2.20 | $2.08 | $1.80 |
| Operating Income | 27M | 26M | 25M | 27M | 23M | 18M |
| Operating Margin | 2.9% | 2.2% | 2.5% | 2.9% | 3.0% | 3.4% |
| ROE | 6.8% | 6.3% | 6.5% | 8.3% | 8.9% | 5.1% |
| Shares Outstanding | 49M | 46M | 42M | 44M | 46M | 35M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 286M | 311M | 329M | 360M | 412M | 562M | 514M | 521M | 758M | 920M | 981M | 1.2B | 932M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 94M | 105M | 109M | 117M | 124M | 149M | 152M | 173M | 205M | 222M | 234M | 287M | 306M |
| EBIT | 8.1M | 8.4M | 8.9M | 11M | 13M | 21M | 16M | 18M | 23M | 27M | 25M | 26M | 27M |
| Op. Margin | 2.8% | 2.7% | 2.7% | 3.1% | 3.2% | 3.7% | 3.0% | 3.4% | 3.0% | 2.9% | 2.5% | 2.2% | 2.9% |
| Net Income | 60M | 65M | 77M | 87M | 122M | 165M | 121M | 121M | 264M | 240M | 192M | 205M | 241M |
| Net Margin | 20.9% | 20.9% | 23.3% | 24.2% | 29.5% | 29.4% | 23.6% | 23.2% | 34.8% | 26.0% | 19.6% | 17.5% | 25.8% |
| Non-Recurring | 1.6M | -221K | -114K | 108K | 1.1M | 474K | -372K | -139K | 584K | -310K | -155K | -130K | -130K |
| Returns on Capital | |||||||||||||
| ROIC | 7.6% | 7.6% | 8.3% | 8.6% | 10.9% | 10.7% | 6.5% | 4.8% | 8.6% | 8.0% | 6.3% | 5.9% | 6.8% |
| ROE | 9.7% | 9.2% | 9.4% | 9.6% | 12.1% | 11.9% | 7.1% | 5.1% | 8.9% | 8.3% | 6.5% | 6.3% | 6.8% |
| ROA | 1.0% | 1.0% | 1.0% | 1.1% | 1.4% | 1.6% | 1.0% | 0.7% | 1.3% | 1.2% | 1.0% | 0.9% | 1.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 90M | 90M | 93M | 131M | 142M | 217M | 65M | 190M | 421M | 277M | 230M | 251M | 355M |
| Free Cash Flow | 83M | 79M | 83M | 106M | 131M | 200M | 52M | 165M | 399M | 261M | 209M | 239M | 339M |
| Owner Earnings | 75M | 75M | 76M | 112M | 122M | 193M | 33M | 153M | 378M | 235M | 183M | 200M | 158M |
| CapEx | 7.7M | 10M | 10M | 25M | 11M | 17M | 13M | 25M | 22M | 16M | 20M | 12M | 16M |
| Maint. CapEx | 12M | 12M | 14M | 16M | 16M | 19M | 27M | 33M | 39M | 36M | 41M | 42M | 187M |
| Growth CapEx | 0 | 0 | 0 | 9.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 12M | 12M | 14M | 16M | 16M | 19M | 27M | 33M | 39M | 36M | 41M | 42M | 187M |
| CapEx/OCF | 8.5% | 11.7% | 11.1% | 19.2% | 7.8% | 7.7% | 19.5% | 13.2% | 5.2% | 5.7% | 8.9% | 4.8% | 4.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 22M | 26M | 30M | 34M | 40M | 53M | 61M | 63M | 94M | 98M | 96M | 104M | 109M |
| Dividend Yield | 3.4% | 3.0% | 2.9% | 2.4% | 2.3% | 2.6% | 3.3% | 2.6% | 2.8% | 4.1% | 4.2% | 3.5% | 2.6% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 95M | 0 | 140M | 189M | 31M | 61M | 124M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 4.5% | N/A | 4.0% | 6.8% | 1.2% | 1.8% | 3.0% |
| Stock-Based Comp | 2.7M | 2.5M | 3.0M | 3.3M | 4.2M | 4.4M | 4.1M | 4.3M | 4.5M | 6.4M | 6.5M | 9.0M | 9.4M |
| Debt Repayment | 0 | 13M | 49M | 0 | 0 | 0 | 42M | 19M | 14M | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -531M | -586M | -613M | -227M | -312M | -274M | -1.5B | -3.7B | -3.4B | -1.9B | -2.2B | -3.3B | -3.3B |
| Cash & Equiv. | 143M | 85M | 97M | 103M | 128M | 151M | 1.3B | 2.2B | 353M | 224M | 220M | 772M | 4.1B |
| Long-Term Debt | 189M | 108M | 108M | 108M | 111M | 187M | 145M | 127M | 113M | 113M | 63M | 359M | N/A |
| Debt/Equity | 0.53 | 0.45 | 0.39 | 0.34 | 0.24 | 0.18 | 0.11 | 0.05 | 0.04 | 0.42 | 0.23 | 0.23 | 0.22 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.6 |
| Equity | 641M | 771M | 865M | 944M | 1.1B | 1.7B | 1.7B | 3.0B | 2.9B | 2.9B | 3.0B | 3.6B | 3.5B |
| Total Assets | 6.4B | 7.2B | 7.7B | 8.1B | 8.9B | 11.4B | 13.2B | 20.4B | 19.3B | 19.3B | 19.4B | 24.9B | 24.8B |
| Total Liabilities | 5.7B | 6.4B | 6.8B | 7.1B | 7.8B | 9.7B | 11.5B | 17.4B | 16.4B | 16.5B | 16.4B | 21.3B | 21.2B |
| Intangibles | 9.9M | 12M | 9.8M | 9.3M | 15M | 29M | 23M | 33M | 25M | 18M | 12M | 134M | 127M |
| Retained Earnings | 330M | 368M | 414M | 466M | 547M | 654M | 716M | 767M | 934M | 1.1B | 1.2B | 1.3B | 1.3B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 2.49 | 2.50 | 2.90 | 3.19 | 4.40 | 5.03 | 3.64 | 3.47 | 5.69 | 5.42 | 4.52 | 4.44 | 5.06 |
| Owner EPS | 3.14 | 2.88 | 2.86 | 4.09 | 4.41 | 5.87 | 1.00 | 4.39 | 8.15 | 5.31 | 4.29 | 4.33 | 3.26 |
| Book Value | 26.65 | 29.69 | 32.72 | 34.53 | 38.84 | 52.02 | 51.15 | 86.57 | 62.26 | 65.52 | 70.43 | 77.18 | 72.92 |
| Cash Flow/Share | 3.76 | 3.45 | 3.51 | 4.79 | 5.13 | 6.59 | 1.94 | 5.46 | 9.08 | 6.27 | 5.41 | 5.44 | 8.81 |
| Dividends/Share | 0.96 | 1.04 | 1.12 | 1.25 | 1.45 | 1.62 | 1.83 | 1.80 | 2.08 | 2.20 | 2.28 | 2.36 | 2.24 |
| Shares Out. | 24.0M | 26.0M | 26.4M | 27.3M | 27.6M | 32.8M | 33.3M | 34.9M | 46.4M | 44.2M | 42.5M | 46.2M | 48.6M |
| Valuation | |||||||||||||
| P/E Ratio | 12.5 | 14.3 | 18.7 | 17.6 | 12.7 | 13.7 | 17.3 | 20.3 | 13.2 | 11.6 | 13.8 | 16.9 | 16.8 |
| P/FCF | 9.1 | 11.8 | 17.4 | 14.5 | 11.8 | 11.3 | 40.3 | 14.9 | 8.7 | 10.6 | 12.6 | 14.5 | 12.2 |
| EV/EBIT | 26.9 | 39.0 | 92.4 | 117.3 | 94.1 | 96.4 | 108.6 | N/A | 13.1 | 32.8 | 17.9 | 29.0 | 30.2 |
| Price/Book | 1.2 | 1.2 | 1.7 | 1.6 | 1.4 | 1.3 | 1.2 | 0.8 | 1.2 | 1.0 | 0.9 | 1.0 | 1.2 |
| Price/Sales | 2.5 | 3.0 | 3.3 | 4.2 | 4.4 | 4.1 | 3.8 | 4.7 | 4.6 | 3.2 | 3.4 | 3.5 | 4.4 |
| FCF Yield | 11.0% | 8.5% | 5.7% | 6.9% | 8.4% | 8.8% | 2.5% | 6.7% | 11.4% | 9.4% | 7.9% | 6.9% | 8.2% |
| Market Cap | 749M | 931M | 1.4B | 1.5B | 1.5B | 2.3B | 2.1B | 2.5B | 3.5B | 2.8B | 2.6B | 3.5B | 4.1B |
| Avg. Price | 27.40 | 33.52 | 38.59 | 52.37 | 62.17 | 63.06 | 55.27 | 68.31 | 72.19 | 53.69 | 54.47 | 64.98 | 85.12 |
| Year-End Price | 31.16 | 35.84 | 54.31 | 56.19 | 56.02 | 68.91 | 63.06 | 70.52 | 75.26 | 62.88 | 62.22 | 75.09 | 85.12 |
INDEPENDENT BANK CORP passes 3 of 9 quality checks, indicating weak fundamentals.
INDEPENDENT BANK CORP trades at 19.2x trailing earnings, compared to its 15-year median P/E of 15.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 17.4x vs a median of 13.6x. The company's 5-year average ROIC is 6.7%. Total shareholder yield (dividends + buybacks) is 5.6%. At current prices, the estimated annualized return to fair value is +7.5%.
INDEPENDENT BANK CORP (INDB) has a net profit margin of 17.5%. This is a healthy margin.
INDEPENDENT BANK CORP (INDB) generated $239 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
INDEPENDENT BANK CORP (INDB) has a debt-to-equity ratio of 0.23. This indicates a conservatively financed balance sheet.
INDEPENDENT BANK CORP (INDB) reported earnings per share (EPS) of $4.44 in its most recent fiscal year.
INDEPENDENT BANK CORP (INDB) has a return on equity (ROE) of 6.3%. This indicates moderate shareholder returns.
The Ledger Terminal provides 17 years of financial data for INDEPENDENT BANK CORP (INDB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
INDEPENDENT BANK CORP (INDB) has a book value per share of $77.18, based on its most recent annual SEC filing.